Garmin Ltd. (GRMN)

Garmin Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Revenue	6,297	5,228	4,860	4,983	4,187
Revenue Growth (YoY)	20.44%	7.57%	-2.46%	19.02%	11.42%
Cost of Revenue	2,600	2,223	2,054	2,092	1,705
Gross Profit	3,697	3,005	2,807	2,890	2,481
Selling, General & Admin	1,109	1,008	944	893.09	774.75
Research & Development	993.6	904.7	834.93	778.75	652.34
Operating Expenses	2,103	1,913	1,779	1,672	1,427
Operating Income	1,594	1,092	1,028	1,219	1,054
Interest & Investment Income	113.52	77.3	40.83	28.57	37
Currency Exchange Gain (Loss)	-20.6	26.43	-11.27	-45.26	2.83
Other Non Operating Income (Expenses)	8.49	4.52	8.56	4.24	7.95
EBT Excluding Unusual Items	1,695	1,200	1,066	1,206	1,102
Gain (Loss) on Sale of Investments	-0.01	-0.06	-0.99	0.62	1.39
Pretax Income	1,695	1,200	1,065	1,207	1,103
Income Tax Expense	283.97	-89.28	91.39	124.6	111.09
Net Income	1,411	1,290	973.59	1,082	992.32
Net Income to Common	1,411	1,290	973.59	1,082	992.32
Net Income Growth	9.45%	32.46%	-10.04%	9.06%	4.18%
Shares Outstanding (Basic)	192	191	193	192	191
Shares Outstanding (Diluted)	193	192	193	193	192
Shares Change (YoY)	0.64%	-0.51%	-0.00%	0.60%	0.52%
EPS (Basic)	7.35	6.74	5.06	5.63	5.19
EPS (Diluted)	7.30	6.71	5.04	5.61	5.17
EPS Growth	8.79%	33.13%	-10.16%	8.51%	3.61%
Free Cash Flow	1,239	1,183	543.97	704.78	949.87
Free Cash Flow Per Share	6.41	6.16	2.82	3.65	4.95
Dividend Per Share	3.000	2.920	2.920	2.680	2.440
Dividend Growth	2.74%	-	8.96%	9.84%	7.02%
Gross Margin	58.70%	57.48%	57.75%	58.01%	59.27%
Operating Margin	25.31%	20.89%	21.15%	24.46%	25.18%
Profit Margin	22.41%	24.67%	20.03%	21.72%	23.70%
Free Cash Flow Margin	19.68%	22.62%	11.19%	14.14%	22.69%
EBITDA	1,774	1,270	1,192	1,373	1,181
EBITDA Margin	28.17%	24.29%	24.52%	27.56%	28.21%
D&A For EBITDA	179.74	177.57	163.85	154.82	126.72
EBIT	1,594	1,092	1,028	1,219	1,054
EBIT Margin	25.31%	20.89%	21.15%	24.46%	25.18%
Effective Tax Rate	16.75%	-	8.58%	10.32%	10.07%
Advertising Expenses	191.59	173.11	168.04	171.83	151.17

Updated Feb 19, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q